The Power Sector Assets and Liabilities Management Corp. (PSALM) has added Semirara Mining and Power Corp. (SMPC) as a qualified bidder for the privatization of the 165 megawatts Casecnan Hydroelectric power plant.
In a supplemental bid bulletin dated April 28, PSALM said SMPC was initially disqualified as a qualified bidder due to its non-submission of business tax returns, which is a part of the documentary deliverables required under the bidding procedures.
However, SMPC submitted a request for reconsideration, accompanied by relevant documents supporting its exemption from paying business taxes and filing tax returns for the same which was accepted by PSALM’s privatization, bids and awards committee and reversed SMPC’s earlier disqualification of the bid.
SMPC joins seven other firms that may bid to acquire the said power plant.
Other firms that qualified to bid are First Gen Corp. through Fresh River Lakes Corp.; SN Aboitiz Power Corp. through Neptune Hydro Inc.; Meralco PowerGen Corp. through Global Hydro Power Corp.; Panasia Energy Inc.; AC Energy through GigaAce 11 Inc.; Belgrove Power Corp.; and the consortium of EEI Power Corp., Soosan ENS. Co. Ltd., Soosan Industries Co. Ltd. and Mapalad Power Corp.
The Casecnan plant is a run-of-river type of hydro power plant with limited impounding area, located at Pantabangan, Nueva Ecija, which was covered by a build-operate-transfer agreement that ended on December 2021.
Deadline for bids on the privatization of the plant on an as-is, where-is and cash basis sale is on May 16.
Proceeds of the power plant’s privatization will be shared with the National Irrigation Administration at a 60:40 basis, with the state-run firm getting the higher allocation. Jed Macapagal
